Are there alternatives in the marketplace for real estate agents and brokers or is working for one of the major and most well-known firms the only option?
Because we count numerous real estate agents and brokers among our readership we wanted to present a twist on an already existing business model we recently learned about (although it may already be well-known) that seems to be a great concept for a specific type of producer.
Certainly for New York City’s most senior and top producing real estate brokers or for those who represent the wealthiest buyers and sellers at the most prestigious addresses, it is likely that working at one of the real estate firms widely considered to be among the premier in New York City and beyond (i.e. the Hampton’s) may be the only viable option.
These of course include such names as Douglas Elliman, Corcoran and Halstead to name just three.
But what about a producer that may not be among the upper echelon in their current firm but who is a steady earner with solid contacts for listings as well as for clients? And additionally who does business primarily in the five boroughs of New York.
High commission splits with a difference
Recently I had the opportunity to attend a presentation given by the owner of the firm City Connections who discussed his company’s variation on the concept of high commission splits for brokers and agents.
I know that in the past when I have heard this term it has also seemed to be a euphemism for a low quality work and service environment as well.
City Connections, as described by its owner David Schlamm, claims to bridge the gap between the bells and whistles provided by the traditional firm and the no frills available at the typical high commission split firm.
While I admit that we have not been to their office or spoken with any of the brokers working there, I left the meeting with the impression that there is an excellent opportunity for the right salespeople to maximize their income while not giving very much up.
Below are the claims made on their website and, if anyone has first-hand knowledge as to its validity or lack thereof that we can pass along, we would love to hear it!
Written by Michael Haltman, President of Hallmark Abstract Service, New York.
HAS is a provider of title insurance in New York State for residential and commercial real estate transactions specializing in the areas of New York City, Long Island and Westchester.
Remember that you have the right to choose your own title company (click here to learn more)!
If you have any questions you can reach Michael by email at email@example.com.